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The
Affordable Care Act provides for the establishment of
“Exchanges,” which will be entities where
uninsured individuals (who are not eligible for
Medicaid) and small businesses can purchase qualified
private health insurance plans. Exchanges are intended
to expand the availability and accessibility of health
insurance by providing “one-stop shopping” that
will enable Americans to find a plan that is right for
them. The idea behind the Exchanges is to “pool”
the purchasing power of those individuals and small
employers who are not covered by group plans utilized
by big businesses and thereby reduce the cost of
health care and increase competition for the business
by the insurance companies.
The Virgin Islands will
have the option of establishing an Exchange and must
make its election by Oct. 1, 2013. If its opts to
create an Exchange, the Virgin Islands can receive up
to $30 million in federal funds to provide premium and
cost-sharing assistance to residents buying insurance
through the Exchange. That assistance would help to
provide relief to families who have no insurance or
otherwise could not afford to buy it. If the Territory
elects not to
create an Exchange, this allocation can be traded for additional Medicaid dollars.
Additional Resources:
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